Roberto Cavalli sale finalised

Troubled fashion house Roberto Cavalli has officially been purchased by a Dubai-based property developer.Bosses at the Italian fashion label, known for its exotic prints and sand-blasted jeans, announced in late March that they were closing all stores …

Troubled fashion house Roberto Cavalli has officially been purchased by a Dubai-based property developer.

Bosses at the Italian fashion label, known for its exotic prints and sand-blasted jeans, announced in late March that they were closing all stores across North America and were seeking to make a deal with creditors to keep the company going while they searched for an investor.

After months of speculation over who may take over the company, it was reported in July that executives at Vision Investments, part of the DICO Group, were in negotiations to acquire the Florence-headquartered brand, and on Thursday, the transaction was completed. Financial details of the deal weren’t shared.

“We are excited about carrying forward the incredible legacy of the Roberto Cavalli brand. DICO has a long and fruitful association with Roberto Cavalli, and I believe that the brand resonates with our idea of luxury. I am happy to announce that the transaction was executed swiftly and that we will ensure stability in management,” said Hussain Sajwani, chairman of DAMAC Properties, in a statement. “At DICO Investments, we aspire to own internationally recognised brands, and this acquisition marks a significant step in our strategy.”

Sajwani, an Emirati billionaire property developer, founded real estate development company DAMAC Properties in 2002. Based in Dubai, the company provides residential, commercial and leisure properties and has presences across the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Oman, and the U.K.

Since 2015, managers at the Italian private equity fund Clessidra SGR controlled Roberto Cavalli with a 90 per cent stake, along with other minor partners, including the designer himself.

Former Versace executive Gian Giacomo Ferraris was brought onboard in July 2016 to help turn around the company, and following the departure of creative director Peter Dundas, British designer Paul Surridge was employed as head designer in May 2017. However, Surridge confirmed plans to exit his post in March, and a successor has not yet been named.

© Cover Media

Roberto Cavalli acquired by Dubai-based property developer

Troubled fashion house Roberto Cavalli has been acquired by a Dubai-based property developer.Bosses at the Italian brand, known for its exotic prints and sand-blasted jeans, announced in late March that they were closing all stores across North America…

Troubled fashion house Roberto Cavalli has been acquired by a Dubai-based property developer.

Bosses at the Italian brand, known for its exotic prints and sand-blasted jeans, announced in late March that they were closing all stores across North America and were seeking to make a deal with creditors to keep the company going while they searched for an investor.

After months of speculation over who may take over the label, editors at WWD reported on Tuesday that executives at Vision Investment Co. LLC had signed a “binding agreement” with those at the Florence-based Roberto Cavalli to “acquire 100 per cent” of the company.

Vision Investment Co. is overseen by Hussain Sajwani, an Emirati billionaire property developer, who is the founder and chairman of real estate development company DAMAC Properties. Based in Dubai, the company provides residential, commercial and leisure properties and has presences across the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Oman, and the U.K.

As the deal is a complex one, with some aspects to be approved by a court in Milan, the fashion publication reported that lawyers for Cavalli need to make an agreement with creditors by early August, with the arrangement to be finalised the following month.

No financial details about the deal have been announced.

Since 2015, Italian private equity fund Clessidra SGR has controlled Roberto Cavalli with a 90 per cent stake, along with other minor partners, including the Florentine designer himself.

Former Versace executive Gian Giacomo Ferraris was brought onboard in July 2016 to help turn around the company, and following the departure of creative director Peter Dundas, British designer Paul Surridge was employed as head designer in May 2017. However, Surridge confirmed plans to exit his post in March, and a successor has not yet been named.

© Cover Media

Roberto Cavalli closes all stores in North America

Roberto Cavalli bosses have closed all stores across North America as they embark on a major restructure.The Italian fashion house, known for its exotic prints and sand-blasted jeans, has faced financial struggles in recent months, with executives conf…

Roberto Cavalli bosses have closed all stores across North America as they embark on a major restructure.

The Italian fashion house, known for its exotic prints and sand-blasted jeans, has faced financial struggles in recent months, with executives confirming on Friday (29Mar19) that they were seeking to make a deal with creditors to keep the company going while they searched for an investor, though by Monday all eight stores and four outlets in the U.S., including boutiques in upscale locations in Beverly Hills and Manhattan, had been shuttered.

And on Monday, a Cavalli spokesperson announced that Art Fashion Corporation – the name of the brand’s U.S. subsidiary – would liquidate under Chapter 7 of the bankruptcy code by 4 April as part of a concerted attempt to save the business.

Approximately 93 employees have had their contracts terminated, while New York-based Salvatore Tramuto, the chief executive officer of the North American branch, has resigned.

According to editors at Business of Fashion, Art Fashion Corporation has operated at a loss for the past five years, with the company losing approximately $17.8 million (£13.6 million) in 2018, excluding a $13 million (£10 million) marketing budget.

Since 2015, Italian private equity fund Clessidra SGR has controlled Roberto Cavalli with a 90 per cent stake, along with other minor partners, including the Florentine designer himself.

Former Versace executive Gian Giacomo Ferraris was brought onboard in July 2016 to help turn around the company, and following the departure of creative director Peter Dundas, British designer Paul Surridge was employed as head designer in May 2017. However, Surridge confirmed plans to exit his post last week.

“I have given much consideration to this decision and reached the conclusion that the mission I have signed has changed and enters a new direction with a new perspective (sic),” he wrote on his Instagram page. “I now wish to focus on other projects that I put aside in order to achieve our common goals with Roberto Cavalli Group. It has been an honour to work for this iconic Florentine company with a unique heritage.”

© Cover Media

Paul Surridge confirms exit from Roberto Cavalli

Paul Surridge is leaving Roberto Cavalli after almost two years at the brand.The British designer joined the Italian label in May 2017, succeeding Peter Dundas as creative director. However, rumours began to swirl last week (ends24Mar19) that Surridge …

Paul Surridge is leaving Roberto Cavalli after almost two years at the brand.

The British designer joined the Italian label in May 2017, succeeding Peter Dundas as creative director.

However, rumours began to swirl last week (ends24Mar19) that Surridge was looking to exit his post, and on Monday (25Mar19), he took to Instagram to confirm his plans.

“I have given much consideration to this decision and reached the conclusion that the mission I have signed has changed and enters a new direction with a new perspective (sic),” he wrote. “I now wish to focus on other projects that I put aside in order to achieve our common goals with Roberto Cavalli Group. It has been an honour to work for this iconic Florentine company with a unique heritage. I want to thank everyone who has made this journey possible, the internal teams and especially Gian Giacomo Ferraris who has given me outstanding support and will remain a mentor.”

Representatives for Roberto Cavalli Group and chief executive officer Gian Giacomo Ferraris have yet to comment on Surridge’s departure.

In the days leading up to the designer’s exit, editors at WWD reported that his decision was due to a lack of investment in the development and refurbishment of the store network, as well as in marketing and communications. He was also alleged to have been unhappy about the level of support offered to the design team.

“The decision last summer to look for an external investor and, more recently, to not provide any more funding have made the original project impossible, and therefore triggered Paul’s decision to look elsewhere,” one source divulged to the fashion publication.

Prior to joining Cavalli, Surridge predominantly worked in the menswear departments for labels including Prada, Burberry, Calvin Klein, and Jil Sander. In June 2018, the designer unveiled a full menswear line for Roberto Cavalli, and most recently showed a collection as part of Milan Fashion Week in February.

© Cover Media

Paul Surridge rumoured to be leaving Roberto Cavalli

Paul Surridge is reportedly close to resigning from Roberto Cavalli.The English designer joined the label in 2017, succeeding Peter Dundas as creative director.However, sources have told WWD that Surridge is no longer happy in the role and is on the ve…

Paul Surridge is reportedly close to resigning from Roberto Cavalli.

The English designer joined the label in 2017, succeeding Peter Dundas as creative director.

However, sources have told WWD that Surridge is no longer happy in the role and is on the verge of walking away from Roberto Cavalli.

An insider claimed his decision comes down to a lack of investment in the development and refurbishment of the store network as well as in marketing and communications. He is also said to feel the design team has not been supported, as resources have been scarce.

“The decision last summer to look for an external investor and, more recently, to not provide any more funding have made the original project impossible, and therefore triggered Paul’s decision to look elsewhere,” one source divulged.

So far, there has been no official comment on the reports. Surridge enjoyed a career in menswear design before joining Roberto Cavalli, previously holding posts at Prada, Burberry, Calvin Klein, and Jil Sander.

Despite his history in men’s fashion, Roberto Cavalli chief executive officer Gian Giacomo Ferraris was confident Surridge was the perfect fit for the Italian label and commented at the time of his appointment: “I have worked with Paul, and I had the opportunity to appreciate his creative talent as well as his managerial abilities. Paul has a 360-degree vision on brands and branding. He is passionate, mature, and an amazing team player.”

In June 2018, Surridge unveiled a full menswear line for the label. He most recently showed as part of Milan Fashion Week in February.

© Cover Media

Angela Missoni declares she is tired of streetwear

Angela Missoni and Roberto Cavalli’s Paul Surridge have both turned their back on streetwear.Missoni and Roberto Cavalli’s Fall/ Winter 19 collections were unveiled during Milan Fashion Week on Saturday (23Feb19), with both fashion houses showcasing pr…

Angela Missoni and Roberto Cavalli’s Paul Surridge have both turned their back on streetwear.

Missoni and Roberto Cavalli’s Fall/ Winter 19 collections were unveiled during Milan Fashion Week on Saturday (23Feb19), with both fashion houses showcasing print-heavy looks.

Talking before her show, Missoni revealed to Vogue that she was done with streetwear.

“I’m going back into something cleaner and more elegant,” she said. “I’m tired of streetwear and sportswear.”

Surridge had a similar mindset when it came to designing his latest line for Roberto Cavalli.

His show in Milan was full of high-end leather pieces, swirling prints and his take on the label’s signature animal prints.

“I think it’s about the protection of luxury,” he mused. “With the mania of logo and sneakers, maybe we went too far down a road.

“We’ve been so engulfed and saturated in urban sportswear and sophisticated leisure that it’s now about self-protection for the industry: going back to a product that’s hard to replicate, whose quality is hard to match, which feels loved when you touch it.”

And on Sunday, Dolce & Gabbana designer Domenico Dolce highlighted that the younger generation want more than just sporty options when it comes to their clothes.

“When we work with the new generations, we now understand that tuxedos and brocades are aspirational to them. At first they were asking if they could have the sportswear, but eventually they wanted the tailoring,” he said.

© Cover Media

Roberto Cavalli does not aim to dress ‘kept women’

Roberto Cavalli’s creative director Paul Surridge insists the brand is not catering to “kept women”.The British designer took over the reins at the Italian fashion house from Peter Dundas last year (17), and most recently presented Roberto Cavalli’s sp…

Roberto Cavalli’s creative director Paul Surridge insists the brand is not catering to “kept women”.

The British designer took over the reins at the Italian fashion house from Peter Dundas last year (17), and most recently presented Roberto Cavalli’s spring 2019 collection during Milan Fashion Week in September.

The show featured Gigi Hadid in a relaxed-fitting sequinned jacket paired with leather shorts and studded ankle boots, and Surridge believes such outfits ensure his customers feel free and liberated.

“I want to dress a working woman, not a kept woman,” he explained in an interview with The Times. “Twenty metres of chiffon is beautiful to look at, but I don’t think it feels empowering. These new pieces can be minidresses or they can be tops; it’s a blazer or it’s a cocktail dress with cycling shorts underneath.”

The 43-year-old reasoned that the Roberto Cavalli woman would travel “in an Uber rather than a horse and carriage,” and therefore should be dressed accordingly.

He added that he was also hoping to speak to the younger generations in his collections, which is why he has chosen to embrace the “dad trainer” trend first popularised by Balenciaga.

“Artisan, heritage, ornamentation – they’re not words that millennials speak. There’s a whole community of kids that will talk about that sneaker,” Surridge considered. “If I don’t reach the next generation, where’s this brand going?”

“Everything is more urban, more laid-back. Glamour for me is about being comfortable. If you’re not comfortable, you’re vulgar.”

© Cover Media

Paul Surridge gearing up to show first full Roberto Cavalli menswear line

Paul Surridge’s debut menswear line for Roberto Cavalli is a stylish mash-up of “a rock attitude, a skater style and an artisanal vibe”.Surridge was appointed as the creative director of the Italian fashion house in May 2017, succeeding Peter Dundas in…

Paul Surridge’s debut menswear line for Roberto Cavalli is a stylish mash-up of “a rock attitude, a skater style and an artisanal vibe”.

Surridge was appointed as the creative director of the Italian fashion house in May 2017, succeeding Peter Dundas in the role.

While he’s already showed off some menswear designs at the brand’s co-ed Milan Fashion Week show in February, he’s now unveiling his first full line.

“Rock as an attitude and not a uniform. Street as a style and not just clothing. Sportswear as the new normality,” Surridge said of the collection, according to WWD. “A rock attitude, a skater style and an artisanal vibe.

“We tried to create a language able to establish a connection with the new generation. We wanted to bring sensitivity to streetwear.”

To achieve this, Surridge has incorporated hand-embroidered details to remind customers of Roberto Cavalli’s craftsmanship heritage.

The collection, made up of bold colours and animal prints, will be shown at Pitti Uomo on Wednesday (13Jun18), at the Florence Charterhouse.

“This is a collection for a man who is not afraid of wearing colours and prints,” Surridge explained. “We created this sort of jungle-animal camouflage with a skate- and surf-inspired attitude.

“Our goal is to offer a simplified uniform, an edited wardrobe because we really think that what makes the difference is the way, the style and the attitude (with which) you wear it.”

And among the clothes, a new aerodynamic sneaker style will also be modelled, with the shoe featuring a sculpted 3-D sole.

© Cover Media